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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

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    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

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BOST saved Ghana from paying $26 million to BDCs – Managing Director

September 26, 2021
in Oil And Gas, Top Stories
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The Bulk Oil Storage and Transportation Company Limited (BOST) says its current management has saved Ghana from paying $26 million to eight Bulk Distribution Companies.

The eight companies had asked BOST to pay $37 million for 22.7 million litres of petroleum products which allegedly went missing from tanks of the national strategic oil storage company between 2009 and 2014.

While addressing the press on Sunday, September 26, 2021, the Managing Director of BOST, Mr. Edwin Alfred Provencal, said BOST however refused to pay that amount, as its independent checks had shown that 8.2 million litres of petroleum products, translating to $11 million had rather gone missing.

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“Each of these companies who claimed they were owed $37 million now accepted that we owe them $11 million. We saved this country a whopping 26 million,” he said.

He also disclosed that BOST had settled some $585 million out of the $624 million arrears owed various institutions since 2017.

Mr. Provencal pointed out that BOST was able to offset the debt through its internally generated funds and government assistance.

“We did not do that by going to government alone. BOST contributed to the payment of these trade liabilities through our internally generated funds amount to 73%.”

BOST is performing better under NPP government – Hadzide

Former Deputy Minister for Information, Pius Enam Hadzide had earlier said the New Patriotic Party (NPP) government has managed BOST better than the previous government.

Mr. Hadzide on Eyewitness News listed debts BOST had accrued under the previous NDC government to justify his claim that the company performed poorly under the National Democratic Congress (NDC) government.

“The NDC made the claim that BOST was efficiently managed by Mahama. You may want to take a moment to look at the record of BOST as of January 2017. A trade debt of 624 million dollars, the legacy debt of 273 million cedis, two-year operations without audited financial accounts, 10 million dollars of BOST finances were locked in the TOR debt through Sahara oil. The litany of failure – is this what the NDC refers to as the efficient management of BOST?”

Source: Marian Ansah / citinewsroom.com
Tags: BOST
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